bitcoin (btc) bulls kept the pressure on 18-month highs on Nov. 24 as analytics noted a surge in buyer interest.
bitcoin Struggles for New 18-Month High
Data from Cointelegraph Markets Pro and TradingView showed the trajectory of the btc price heading towards the Wall Street open.
The largest cryptocurrency saw increasing momentum during the Asian trading session, although it has its roots in the derivatives markets.
Following the action, popular trader Skew confirmed that a single entity was likely behind the latest $38,000 charge.
“Some buyer, probably a single buyer, is trying to push the market up here ~ clear correlation between spot CVD and criminals/Delta,” he wrote in part of his latest post on X (formerly Twitter).
$btc Update
Looks like there’s a direction buyer again here on Binance – they’re bidding for a spot and opening a longShorts about Bybit criminals continue to be pursued
CVD and Delta Market
Some buyer, probably a single buyer, is trying to push the market up here ~ clear correlation… https://t.co/Hu6FNp1Ltc pic.twitter.com/5KaODZC7Hv— Skew Δ (@52kskew) November 24, 2023
Skew subsequently revealed that the btc long position had been closed and with momentum flagging, a higher high (HH) was needed on lower time frames, beyond the current ceiling of $38,000. At the time of writing, this was in progress.
$btc
It seems like Binance closed a long time ago, so they might have designed liquidity to meet some requests.LTF countervailing duties
The first thing to note here is that the CVDs are higher compared to the price, so there is some momentum behind this move, although it won’t be seen yet without another HH.Secondly, detect… pic.twitter.com/regcjdj2tw
— Skew Δ (@52kskew) November 24, 2023
Walking away, others remained optimistic that resistance levels would eventually fall. For Michaël van de Poppe, founder and CEO of trading company MN Trading, it was the $40,000 mark.
“Even so far, everything is going well with bitcoin,” he said. said X subscribers in the day.
“Slowly rising to a new resistance point and a break above $38,000 immediately means $40,000 is next.”
Meanwhile, popular trader Daan crypto Trades described $38,000 as a line in the sand after which “easy mode” returns to bitcoin trading. The corresponding level in Ether (eth), he added, was $2,150.
Approximately the turn at $40,000?
Some market participants believe that a further btc price pullback will occur following an initial foray into the area around $40,000.
Related: bitcoin at $1 million after ETF approval? btc price predictions diverge wildly
Among them is popular crypto trader Tony, who, on that day, suggested that even $39,000 could be a short-term turning point.
My plan hasn’t changed, take us to $39,000 – $40,000 and then lower please pic.twitter.com/AJkLRmD4U5
– crypto Tony (@CryptoTony__) November 24, 2023
$39,000, meanwhile, bitcoin-bull-market-fomo-btc-price-39k-profit-zone” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-bull-market-fomo-btc-price-39k-profit-zone/amp”>stands out for a variety of reasons, including the added profitability of those who bought btc during the 2021 bull market.
Elsewhere, bitcoin-etf-aggressive-bid-btc-price-38k” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitcoin-etf-aggressive-bid-btc-price-38k/amp”>Encouraging signals from bitcoin‘s Relative Strength Index (RSI) continued to provide bulls with fuel to continue higher.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
